Do you know your IQ?

Not that IQ…?Impactful Questions.?

There are two sides to Discovery – Asking?and?Listening.??This issue focuses on the Asking.

1.

Common issue – advisor loses clients AUM to another firm.??Why???Usually, the client moves in search of a better relationship, better pricing, etc.??Underlying all that is the losing advisor must examine the?quality of questionsthey did (or did not) ask that client.??Were they High IQ or Low IQ?

2.

As an elite wealth advisor, your discovery journey begins with studying, crafting, mastering, and asking highly impactful?Discovery?questions (High IQ) and avoiding the use of Low IQ’s with clients for a few important reasons.??

·???????Clients expect their wealth advisors will take time to learn at least annually because, how else is a value-adding financial relationship maintained?

·???????Make yourself essential in your clients’ lives.??So take the time to learn and reflect on what your clients want to achieve and then create a plan of action for making it happen.

·???????Your meetings with clients are for a set period of time.??You want to optimize that time for them and for you.??Don’t waste any moments with Low IQ’s.

3.

Before we dig into crafting High IQ’s, let’s take a brief look at common poorly worded Low Impact Questions, even though well-intentioned.??These are fine questions – but they are weak, Low IQs when part of?Discovery.??

·???????“How have you been?”

·???????“Has anything changed since we last spoke?”

·???????“What’s new???Anything I should know about?”

These are much too vague to elicit anything specific or meaningful.??A “yes” or “no” answer is typical but we know that’s not true.

Your meeting with your client is a precious time to be thoughtful and effective.??How can you replace these flat, ineffective questions with meaningful High IQ’s???The core elements of High Impact Questions are:

·???????Begin with words like "what," "why," "how," or "describe," instead of using closed-ended questions that can be answered with a simple “yes” or “no.”

·???????Avoid long and complex phrasing to ensure clarity.

·???????Make sure the question is broad enough to encourage a detailed response.

·???????Be specific when necessary to focus the response on a particular aspect.

Let’s re-word our Low IQ’s from above and turn them into High IQ’s”:

·???????“How have you been?”

·???????“Has anything changed since we last spoke?”

·???????“What’s new???Anything I should know about?”

·???????Instead of those, try this: “Tell me three things that have happened in your life since we last spoke in March.”

Here are a few more examples of High IQ’s for Discovery:

·???????Help me understand your income needs for retirement.

·???????What are your thoughts on the current interest rate environment, and how does it impact you?

·???????How much debt will need to be paid if something were to happen to you??

·???????How would your plans for your family be jeopardized with your passing??

·???????What suggestions would you offer for how I can improve my customer satisfaction?

·???????What strategies are you using to help reduce your tax liability???

·???????What have you considered regarding plans/strategies to minimize the tax impact on your estate??

These are just a few examples, but you get the gist.??Open-ended creates the space for the client to respond and allows you to listen.

The good news here is that the notion of High IQ vs Low IQ is like a bell that can’t be ‘un-rung’.??You can’t ‘un-ring’ this one… your questions will improve just because you read this.??However real mastery comes from the constant refining, practicing, and applying.